Pharis Energy’s project financing initiatives have been featured in Mergermarket, specialist M&A publication with a global network of 300 dedicated M&A journalists and analysts who talk with CEOs, CFOs and industry contacts, reporting what they learn to Mergermarket subscribers.

The article is titled “Pharis Energy weighs 2019 IPO among field funding options”

• Farmout and private capital injection also on the cards

• Up to GBP 400m follow-on financing to first oil

• Pilot field NPV of over USD 600m using steam flood development

Pharis Energy and OGTC have given the green light to Aberdeen-based oil and gas production technology business, Pragma Well Technology, to progress with manufacture and prototype testing of their Downhole Steam Injection Valve (DSIV) following a positive feasibility study.

Using advanced materials, detailed fluid design and innovative engineering features to maximise reliability for extreme downhole conditions, the surface controlled DSIV will be the first steam injection valve available on the market to meet UK safety regulations. It will be rated to withstand the extreme downhole conditions required for continuous high-pressure steam injection, and will operate at temperatures of up to 343 degrees Celsius.

When we founded The Steam Oil Production Company Ltd in 2014, we adopted the Ronseal approach to naming our company. We planned to steam flood the Pilot field, which we had just applied for in the 28th Seaward Licensing Round, and we named the company after our planned development approach. 

On the 23rd of March 2017 the Oil and Gas Authority announced the results of the 29th Seaward Licensing Round. The Steam Oil Production Company had applied for four part blocks surrounding the Pilot field. We were delighted to learn that we are to be offered all the blocks we applied for and look forward to working with OGA and industry partners to progress a steam flood demonstration project on the Pilot field.

The Steam Oil Production Company is pleased to announce that it has entered into a sale and purchase agreement with EnQuest Heather Ltd to acquire a 100% interest in Licence P1996, made up of blocks 28/2b and 28/3b, which cover the Elke and Narwhal discoveries. The transfer of the interest is subject to approval by the Oil & Gas Authority (OGA), which would also require OGA's approval of The Steam Oil Production Company Ltd as licence operator.

Elaine Maslin of Offshore Engineer recently interviewed Steve Brown and Greg Harding of The Steam Oil Production Company. The article is due to be published in the December edition of the magazine, however the full online version of the article can be read here.